Sunday, July 21, 2024
25.2 C

‘Tax Burden in Nigeria is Real’

Dr. Uche Olowu
President/Chairman of Council
Chartered Institute of Bankers of Nigeria (CIBN)

Dr. Uche Olowu, President/Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN) says the issue of tax burden in Nigeria is real. But he added that taxation should be the main source of revenue for the government as seen in other climes.

Speaking at the 2020 Economic Outlook Forum organised by the Finance Correspondents Association of Nigeria (FICAN) in Lagos, Olowu lamented that many Nigerians do not pay the right tax while alluding to the issue of managing revenue from taxation.
“The tax burden in Nigeria is real. People don’t pay the right tax. There is so much work in the tax space. The real challenge is how the tax revenue is disbursed or spent.”

The CIBN president made it clear that “if we want better life in Nigeria, we need to pay our tax and then hold managers of our tax revenue accountable.”

Dr. Uche Olowu President/Chairman of Council Chartered Institute of Bankers of Nigeria (CIBN)
Dr. Uche Olowu
President/Chairman of Council
Chartered Institute of Bankers of Nigeria (CIBN)

On a final note, he projected that the Federal Government would be bullish in 2020 from taxation.

Many stakeholders have variously accused the Federal Government of increasing tax burden on Nigerians through increment on Value Added Tax (VAT) from five percent to 7.5 per cent as well as other numerous charges in the system.

There are also allegations of multiple taxation by the business community, especially at the state level.


Hot this week

Stanbic IBTC Bank Partners Lagos State on Water, Sanitation Infrastructure Funding Summit

Stanbic IBTC Bank, one of Nigeria’s leading financial institutions,...

Stanbic IBTC Launches Ambitious Tree-Planting Campaign in Cross Rivers State

Stanbic IBTC Holdings, in collaboration with One Tree Planted...

PalmPay Named Among Top 250 Fintech Companies in the World by CNBC, Statista

PalmPay, a leading Africa-focused fintech platform, has been included...

AIICO’s Annuity Customers Attest to Financial Stability, Payout Hits N1.3bn Monthly 

AIICO Insurance Plc, a leading insurer in Nigeria, today...

WORLD PR DAY: APRA Advocates Ethical, Responsible Use of AI

The African Public Relations Association (APRA) has called on...


NSE Reveals Results of Biannual Review of Market Indices

The Nigerian Stock Exchange (NSE) has announced the results...

BNI Nigeria Hosts 2021 National Business Conference on Sept 10

In its mission towards revamping of businesses post Covid19...

Stanbic IBTC: Private Sector Growth Slows in May, But Demand Conditions Remain Favourable

Business conditions in Nigeria's private sector strengthened in May,...

Nokia Plans More Job Cuts over Alcatel Acquisition

Nokia has announced sweeping job losses as the consequence...

MTN Makes Final Payment of N55bn to NCC

Leading Information and Communications Technology (ICT) company, MTN Nigeria...

#SMWLAGOS: Unity Bank Advocates Increased Investment in Creative Industry 

From left: Head, Digital, Events & Sponsorships, Unity Bank,...

Stock Market Statistics: Wednesday, 4th January, 2017

Market Cap (N'bn)              ...

‘Women-Key to the Future of Crypto-Economy’

Paxful planning to expand presence in South Africa. Plans...

Related Articles

Popular Categories